GILD: Mgmt Meeting Reflects Company's Confidence in PrEP Suite, Anito-Cell Positioning, Recent Deals, Niche I&I Opportunities

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GILD: Mgmt Meeting Reflects Company's Confidence in PrEP Suite, Anito-Cell Positioning, Recent Deals, Niche I&I Opportunities

EQUITY RESEARCH QUICK TAKE

RBC Capital Markets, LLC

Brian Abrahams, M.D. (Head of Global

Healthcare Research)

Nevin Varghese, Ph.D. (Analyst)

Kevin Meli, Ph.D. (Senior Associate)

June 17, 2026

Gilead Sciences, Inc.

Mgmt Meeting Reflects Company's Confidence in PrEP Suite, Anito-Cell Positioning,

Recent Deals, Niche I&I Opportunities

NASDAQ: GILD | USD 127.23 | Sector Perform | Price Target USD 122.00

Sentiment: Neutral

We had the opportunity to catch up with GILD's CFO and Head of IR to gain insights and perspectives around the latest development

at the company and in relevant therapeutic spaces. A few key highlights:

• Recent weekly Yeztugo filing has been in the works for some time and is based off of weekly oral experience from prior lena

ph.III and label inclusion, rather than being in response to any on the ground issues with subq Yeztugo. Potential to address

Descovy life cycle.

• Yeztugo continues to meet or exceed their launch expectations, including pt persistence, and they believe having multiple options

can enable them to expand their PrEP leadership and prevention market overall.

• Mgmt continues to believe that consensus peak sales estimates for antio-cel were too low and that NHL CAR-T experience

underscores resonance of safety advantages to cell therapy-administering docs – giving them confidence they will ultimately

take majority share in myeloma.

• We continue to believe in vivo CAR-T can be a competitive threat to watch; mgmt notes that they have seen similar proof of

principle T-cell transduction and CAR cell formation and expansion with their own platform, but mgmt believes that regulators